Vitalik Buterin Fuels Growth and Innovation in Web3 Addresses by Doubling the Grant for ENS


In addition to hosting decentralized websites, these addresses may be used as Web3 wallets for various cryptocurrencies and NFTs.

Nick Johnson, the man behind ENS, set out on this venture with no idea how much money he would need.

Vitalik Buterin, co-founder of Ethereum, surprised him by giving him twice as much money from the Ethereum Foundation as he had asked for.

Johnson spoke exclusively to Cointelegraph about this turning point at ETHGlobal in London. He explored the origins and development of ENS, a platform that allows for the generation of Web3 addresses that humans can understand.

There are two major uses for these addresses: one is as a domain for decentralized websites, and the other is as a Web3 wallet for currencies and NFTs.

Johnson, who was born and raised in New Zealand, had helped Google out before he experimented with blockchain technology.

Even though he got his feet wet with Bitcoin, the programmability of Ethereum soon drew him in. He said that he found out about Bitcoin shortly after its release. “I thought this was awesome at first, but now I see it for what it actually is: money.”

“This isn’t programmable.” Johnson, who has extensive experience in infrastructure, tools, and libraries, created his own strings library for Ethereum, which is crucial for manipulating strings in code.

The Ethereum Foundation saw Johnson’s abilities and hired him to fill a need in their infrastructure by creating the name service.

After Johnson joined the Go Ethereum team, he continued to devote most of his time to this project, which had its start on the EthSwarm team.

The Ethereum Foundation gave ENS a sizable donation to fund a two-year strategy, which led to the organization’s formation as a distinct entity.

The initiative was able to continue and expand because to Buterin’s involvement, which doubled the original funding.

Johnson said, “They brought it to Vitalik, and he informed them, ‘No, that’s not quite enough. Take double the amount.'” That’s where it all began. The ENS project would have floundered and failed if he hadn’t intervened.

There have been over two million address registrations for ENS since its start. Johnson, on the other hand, would want to gauge the worth of ENS addresses in cryptocurrency transactions based on the quality of user participation rather than just the quantity.

Johnson is hopeful about the growth of ENS and its implementation on other networks to improve the value of Web3, even if it is difficult to measure direct measurements.

In the future, ENS hopes to become more accessible and user-friendly by integrating with Ethereum layer-2 solutions.

By taking this course of action, Johnson is demonstrating his dedication to making ENS more accessible to end users and enhancing its usability in the Web3 age.

Also Read: Cathie Wood argues that Bitcoin has applications in emerging markets

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